This isn't something you can adjust away. Like old says, they don't go out of adjustment just sitting.
I second trying to move the carburetor linkage as a test. It should move freely when the tractor isn't running. It should move then snap right back when the tractor is running,
As long as the linkages are free, a racing engine means the internal spring inside the governor has broken. It is not a difficult fix, but you do need to remove the governor housing.
There are six bolts holding the governor housing to the engine, one cotter key holding the throttle lever rod, and one more cotter key and pin holding the carburetor linkage.
Support the housing and don't let it fall. The timing gear and governor weights will stay in the engine unless you go totally caveman getting the housing out. Normally there's nothing wrong with the gear or weights.
The housing WILL come out without taking off the radiator. It's a little tight, but if you hold your tongue just right it will come right out. Just keep tipping and turning until you get it.
Once you get the housing off, you'll see a spring broken in two. You will need the OEM part from a CaseIH dealer to get the correct behavior from the governor.
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